GO.2142-APGLI-EWF-GPF INTEREST RATE FOR 2013-14

G.O.Rt.No. 2142 Dated: 30-04-2013-Rate of interest is fixed at 8.7% for 2013-14 on the accumulations on the credit of subscribers in the General Provident Fund (GPF), APGLI, EWF FUNDS.

According to Rule 13(1) of General Provident Fund (Andhra Pradesh) Rules, “Government shall pay to the credit of the account of a subscriber interest at such rate as may be determined for each year according to the method of calculation prescribed from time to time by the Government of India for payment of interest on subscription to the General Provident Fund in respect of Central Services”.

2. In the G.O. 9th read above, the State Government have adopted the interest rate of 8.8% per annum ordered by the Government of India in the reference 8th read above with effect from 01-04-2012 until further orders.

3. In the reference 10th read above, the Government of India through its Resolution No. F.No. F.No.5(1)-B(PD)/2013 GOI, dt:8/4/2013 revised the rates of interest for the subscribers of General Provided Fund (Central Services) for the year 2013-14 as follows:

4. The Deputy Accountant General (Funds), in his letter 11th read above has requested to issue necessary Government orders duly revising the rates of interest on GPF etc., maintained in the State for the year 2013-14.

5. Government, after careful consideration of the matter, hereby reduce the rate of interest from 8.8% to 8.7% per annum w.e.f. 01-4-2013 on the following Provident Funds and other similar funds maintained by the Government of Andhra Pradesh on par with the rates of Government of India until further orders. Further the interest rates as applicable to the GPF are also being adopted to the AP Employees Welfare Fund as per the APEWF Rules. Hence the interest rate at 8.7% is also applicable to APEWF.